{"id":58,"date":"2019-09-29T19:10:00","date_gmt":"2019-09-29T19:10:00","guid":{"rendered":"https:\/\/www.vetsaconsulting.com\/blog\/?p=58"},"modified":"2021-01-19T13:05:24","modified_gmt":"2021-01-19T13:05:24","slug":"industry-trends-banking","status":"publish","type":"post","link":"https:\/\/www.vetsaconsulting.com\/blog\/?p=58","title":{"rendered":"Industry Trends &#8211; Banking"},"content":{"rendered":"\n<h3>Banking Trends:<\/h3>\n\n\n\n<ul><li>Cryptocurrencies<\/li><li>Cloud-based storage<\/li><li>Greater adoption of biometrics for identity-authentication purposes (face, voice, fingerprint, Eye recognition)<\/li><li>Digital banking development -&gt; shrinking global bank branches<\/li><li>Open Banking -&gt; transferring the ownership of an account information from the banks to the customer -&gt; designed to increase competition within industry<\/li><li>Employing AI to help banks provide contextual, holistic advice to their customers; Chatbots<\/li><li>Blockchain solutions for payments<\/li><li>Customer-centric transformation<\/li><li>Banks involved in accelerators, incubators and training programs to have access to technology and talent<\/li><\/ul>\n\n\n\n<h3>Challenges:<\/h3>\n\n\n\n<ul><li>&#8220;All banks are basically the same\u201d -&gt; need to differentiate<\/li><li>Failure to provide good digital service = existential threat<\/li><li>Synthetic identity fraud<\/li><li>Increased competition from new market entrants (digital banks, FinTechs, institutions offering high-touch and high-tech branch services, e-commerce) that emerged in response to rapidly changing customer expectations and behaviours; this is forcing banks to invest in customer technology to prevent customer leakage<\/li><li>Enhancing cybersecurity -&gt; AI will play a key role here -&gt; critical to business continuity and limiting operating losses<\/li><li>Concerns of data and information vulnerability<\/li><li>To orchestrate the right mix of branches and digital offering<\/li><li>Risk: Speed to market may override attention to protection<\/li><\/ul>\n\n\n\n<h3>Summary<\/h3>\n\n\n\n<p>Should focus on continuous change rather than radical transformation -&gt; greater efficiency and scalability.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banking Trends: Cryptocurrencies Cloud-based storage Greater adoption of biometrics for identity-authentication purposes (face, voice, fingerprint, Eye recognition) Digital banking development -&gt; shrinking global bank branches Open Banking -&gt; transferring the ownership of an account information from the banks to the customer -&gt; designed to increase competition within industry Employing AI to help banks provide contextual,&hellip; <a class=\"more-link\" href=\"https:\/\/www.vetsaconsulting.com\/blog\/?p=58\">Continue reading <span class=\"screen-reader-text\">Industry Trends &#8211; Banking<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[33,1],"tags":[29,30,31],"_links":{"self":[{"href":"https:\/\/www.vetsaconsulting.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/58"}],"collection":[{"href":"https:\/\/www.vetsaconsulting.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vetsaconsulting.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vetsaconsulting.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vetsaconsulting.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=58"}],"version-history":[{"count":2,"href":"https:\/\/www.vetsaconsulting.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/58\/revisions"}],"predecessor-version":[{"id":64,"href":"https:\/\/www.vetsaconsulting.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/58\/revisions\/64"}],"wp:attachment":[{"href":"https:\/\/www.vetsaconsulting.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=58"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vetsaconsulting.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=58"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vetsaconsulting.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=58"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}